Factors about insurance coverage in Nigeria

Factors about insurance coverage in Nigeria
Photo by Muhammadtaha Ibrahim Ma'aji- Ask Nigeria

Insurance is not a privilege, its a necessity and should be easily obtainable.

In Nigeria, a high percentage of the population operates vehicles without insurance. This can lead to a number of problems, such as increased rates of accidents and injuries, and also increased rates for everyone who does have insurance. There are a number of reasons for this, including a lack of awareness of the importance of insurance, a lack of available insurance companies and agents, and a lack of trust in the insurance industry. Additionally, many people in Nigeria feel that they cannot afford insurance.

Insurance affordability is a big factor preventing Nigerians from becoming insured. The high cost of premiums, coupled with the low income of many Nigerians, means that many people cannot afford to purchase insurance. This is a major problem, as uninsured people are at risk of financial ruin if they experience a major health problem. One way to make insurance more affordable is to increase the number of people who purchase it. This can be done by making it easier to purchase insurance, and by increasing the availability of affordable plans. Another way to make insurance more affordable is to provide financial assistance to people who cannot afford to pay for premiums. This could be done in the form of subsidies or tax credits.

High cost of premiums and a lack of regulation.

The percentage of vehicles on the road that are insured varies from country to country. In the United States, for example, approximately 82% of vehicles are insured. In Canada, the number is much higher, with almost all vehicles (98%) being insured. Internationally, the average percentage of insured vehicles is around 87%. This means that, on average, 87% of vehicles on the road are covered by some type of insurance policy.

In Nigeria, there is a significant discrepancy between the number of insured and uninsured vehicles on the road. While the majority of developed countries have a high number of insured vehicles, Nigeria has the opposite problem with approximately 77% of vehicles on the road being uninsured. This discrepancy is likely due to a number of factors, including the high cost of insurance premiums and a lack of regulation and enforcement.

Provide those without insurance an alternative.

Commercial operators Insurance in Nigeria needs to be enforced for business vehicles as a first step in order to reduce the number of accidents on the road. Business vehicles are often involved in accidents because their drivers are not properly trained or because the vehicles are not properly maintained. Commercial operators insurance will help to ensure that the drivers of business vehicles are properly trained and that the vehicles are properly maintained. This will help to reduce the number of accidents on the road.

Functional transportation services need to be increased in order to provide those without insurance an alternative to driving. A lack of transportation options can often lead to people driving without insurance, as they feel they have no other choice. By increasing the availability of transportation services, we can help reduce the number of people driving without insurance. This, in turn, will help to improve road safety and reduce the cost of car insurance premiums.

The government needs to change its practices.

Nigerian citizens need to take measures to reduce risk in their everyday lives. This means considering safer means of transportation, as vehicle accidents are a large contributor to disabilities in Nigeria.(WHO research 2016 shows Serious injuries 597,000 & Fatalities 39,800 in Nigeria) The government also needs to change its practices to provide options for those without.


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Ask Nigeria
7 months ago

Factors about insurance coverage in NigeriaInsurance is not a privilege, it’s a necessity and should be easily obtainable.Express your point of view.